One of the ways to attack the blockchain is called 51% control. This action is possible when a group of hackers gains control of more than 51% of mines. In this way, the blockchain becomes fragile, and its addresses can be changed so that it retains cryptocurrencies.
Since May, the cryptocurrency market has suffered sharp falls, driven, among other factors, by the Chinese government's action against miners and companies that trade using bitcoins or other digital currencies.
This Chinese movement against cryptoactives is nothing new, since at least since 2017 the country has had rules that limit operations in this market. Since that time, for example, cryptocurrency brokerages (exchanges) in the country's territory were prohibited from operating.
In recent weeks, however, China's central bank has told China's biggest banks and payment companies to more tightly oversee the cryptocurrency trade, while the government has stepped up the dismantling of electrically blockade mines that are now moving out of the country. the power.
However, despite appearing to be a big problem for the network, since its inception, the Bitcoin project already foresees a difficulty adjustment in mining operations as there are more or less people in the market. Therefore, even with these miners needing to close their operations for a while until they find a new place to settle down, the network changes automatically in order to guarantee its normal operation.
That output dropped by about 40% the so-called hashrate, which measures the computational energy used in bitcoin mining, over the past two weeks, according to data from BTC.com. “Hash decline is likely a short-term phenomenon and evidence that China's miners are going out of business,” Weiskopf said.
For Bernardo Schucman, from CleanSpark, states: “To give you an idea, last year hash power was 60% Chinese, today this scenario will change drastically, reaching only 30% in the hands of the Chinese, historic for the ecosystem of cryptocurrencies and mining”, he assesses.
On the other hand, Safiri Félix, from Transfero Swiss, points out that the US, Canada and Eastern European countries tend to be at this moment the main attraction for miners, as they are regions that combine competitive costs, a clean energy matrix and legal security.
In addition to these countries, the northernmost regions of the planet are also among the most used for mining, especially countries such as Iceland, Sweden and Finland, which not only have better energy costs and positive legislation for this activity, but are more which naturally helps to keep the temperature of mining equipment lower, requiring less energy consumption with chillers.
Safiri also points out that the case of El Salvador, which recently passed a law adopting Bitcoin as its official currency, is also interesting and can help. “As the first country in the world to adopt Bitcoin as a forced tender currency, local authorities are already negotiating the installation of large miners offering geothermal energy, a clean and renewable source,” he explains.
This could be the first step for more countries to adopt positive legislation for cryptocurrencies in the mining field, in a positive movement also for the environment.
In fact, at the moment, fewer mines mean less difficulty in mining bitcoin.
This would offset the lower bitcoin emission, balancing the coin's result.
The mines, establishing themselves in countries with clear rules of regulation and respect for the international legal process, will also allow the mines to be connected to green technologies for energy generation.
Such changes would, in fact, become a stronghold in the decentralization of bitcoin, the clarification of regulation and, above all, the protection of production by non-arbitrary government interference.
It won't be today or tomorrow, but, just as a tree grows from the seed to produce good fruit, the same way bitcoin will grow, with greater decentralization of its mines.
